Kenya Re targets southern Africa market with Lusaka hub

Kenya Reinsurance will next week officially launch its office in Lusaka to serve as the southern Africa hub.

The firm says it will transfer expertise to the Zambia office which will serve Namibia, Zambia, Zimbabwe, Mozambique, Lesotho, Swaziland, Malawi and Angola.

“We are pleased to launch our Zambia regional hub in the hope of expanding our existing and new business opportunities within the southern African region. Our success will be premised on our expertise and market knowledge amplified by the outstanding human resource capacities,” said Kenya Re managing director Jadiah Mwarania on Wednesday.

The launch will take place on November 11 at the Lusaka Intercontinental Hotel. The office is the second regional hub after the Abidjan, Ivory Coast, hub was opened in May 2014.

Mr Mwarania expects to tap into the Zambia government’s drive for international investment.

The government is pushing for economic diversification from the dominant copper mining through commercial diplomacy to attract foreign and local investment.

“The Abidjan regional office is achieving its strategic targets this far. We have in excess of Sh500 million in gross written premiums for that office this year,” he said.

The MD noted that Kenya Re is venturing into regional markets at a time it is registering good growth going by the first half-year performance. Currently, the Kenyan insurance market contributes about 50 per cent gross income for Kenya Re.